The Australian real estate market is in a major state of flux. Property prices nation wide have just plunged for the ninth month in a row, with fewer and fewer competitive bids at auction leaving many real estate agents scratching their heads on how to survive this upcoming turbulent period.
Instead of backtracking and figuring out how to merely survive, real estate agents should be looking at new ways to thrive, no matter the market condition.
Digital technologies and online models of buying and selling will mark the next frontier for real estate agents looking to futureproof against external market forces. Just because the market is suffering, does not mean agents must suffer too.
Technology is the tool that real estate agents must embrace to increase their confidence and control in selling properties, working towards an ultimate goal of improving saleability in any market condition.
Technology: the key to agents’ futures
No longer can real estate agents rely on tactics in the physical realm, such as advertising on billboards or dropping flyers in to letterboxes. As digital technologies continue to bombard the real estate industry from every angle – from international incumbents, to a ‘sharing economy’ style of selling property that seeks to cut out the agent’s role altogether – agents must look to online, connected models to extend their reach and create more targeted campaigns.
When real estate agents leverage online platforms, all listings, connections, and the entire sales process is given a level of transparency, and a real-time accessibility that traditional buying and selling processes lack.
Digital technologies will continue to transform the real estate profession. In tough market conditions, agents must be able to seamlessly connect, get faster agent referrals, and embrace targeted, smart marketing campaigns to speed up the sales process and get the best price for their listings. All of these are simply not possible if agents bury their head in the sand about the huge technology shake-ups in the industry.
How can real estate agents adapt using technology?
The right real estate technology platform must recognise that the solution is never to cut the real estate agent out of the selling process. Today, platforms exist that recognise and respect the importance of agents in the sales process holistically, and work to empower the profession into the changing future.
Real estate agents must forgo traditional marketing tactics and never feel restricted to selling in their own postcode alone. Agents must embrace technologies that allow them to connect across borders, expanding their reach to not only other cities, but other countries too – letting them sell any type of property, anywhere in the world.
This cross-pollination effect means real estate agents need to adapt to not only new technologies, but new ways of thinking too. A core aspect of technology in property is its ability to open up doors, so agents must take the plunge to explore possibilities in other regions, using technology as a constant gateway to new opportunities.
Technology has transformed the way industries conduct their business, and the property industry is no exception. The real estate agents that maintain confidence and control over their properties in difficult market conditions will be the ones that leverage the power of online, connected models of buying and selling through innovative technology platforms.
Matthew McGrath, Senior Business Solutions Manager, Twillis